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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 36)*
AMERICAN REALTY TRUST, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $0.01 Par Value
- --------------------------------------------------------------------------------
(Title of Class of Securities)
029-177-409
- --------------------------------------------------------------------------------
(CUSIP Number)
Robert A. Waldman, 10670 N. Central Expressway, Suite 600, Dallas, Texas 75231
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
February 26, 1998
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box / /.
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
POTENTIAL PERSON WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM
DISPLAYS A CURRENTLY VALID OMB CONTROL NUMBER.
SEC 1746 (10-97)
<PAGE> 2
CUSIP NO. PAGE 2
029-177-409
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS
Basic Capital Management, Inc. 75-2261065
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)
(b)
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Nevada
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 5,260,224
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -0-
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
5,260,224
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,260,224
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
49.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
CO
- --------------------------------------------------------------------------------
<PAGE> 3
CUSIP NO. PAGE 3
029-177-409
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS
National Operating, L.P. 75-2163170
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)
(b)
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 195,732
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -0-
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
195,732
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
195,732
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
- --------------------------------------------------------------------------------
<PAGE> 4
CUSIP NO. PAGE 4
029-177-409
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS
The Gene E. Phillips Children's Trust 13-6599759
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)
(b)
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Texas
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 98,332
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -0-
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
98,332
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
98,332
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.9%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
- --------------------------------------------------------------------------------
<PAGE> 5
CUSIP NO. PAGE 5
029-177-409
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSONS
Continental Mortgage and Equity Trust 94-2738844
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a)
(b)
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
- --------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 818,088
BENEFICIALLY -----------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -0-
PERSON -----------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
818,088
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
818,088
- --------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (SEE INSTRUCTIONS)
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
00
- --------------------------------------------------------------------------------
<PAGE> 6
AMERICAN REALTY TRUST, INC.
CUSIP NO. 029-177-409
ITEM 1. SECURITY AND ISSUER
Item 1 is hereby amended to read as follows:
This amendment relates to the Common Shares, $0.01 par value (the
"Shares"), of American Realty Trust, Inc., a Georgia corporation (the
"Company"), and amends the statement on Schedule 13D filed on November 25,
1997. The principal executive offices of the Company are located at 10670
North Central Expressway, Suite 600, Dallas, Texas 75231.
ITEM 2. IDENTITY AND BACKGROUND
Item 2 is hereby amended to read as follows:
This statement is being filed on behalf of Basic Capital Management,
Inc. ("BCM"), Continental Mortgage and Equity Trust ("CMET"), National
Operating, L.P. ("NOLP"), and Gene E. Phillips Children's Trust (the "GEP
Trust") (collectively the "Reporting Persons").
BCM, CMET, NOLP, and the GEP Trust may be deemed to constitute a
"person" within the meaning of Section 13(d) of the Securities Exchange Act of
1934, as amended, because BCM is beneficially owned by a trust established for
the benefit of Gene E. Phillips' children and the executive officers of CMET
are also executive officers of BCM. Gene E. Phillips is a general partner of
Syntek Asset Management, L.P. ("SAMLP"), which is the general partner of NOLP.
(I) BCM is a corporation organized and existing under the laws of the
State of Nevada. BCM's principal business activity is the provision of advisory
services for real estate investment trusts. It's principal place of business
and principal office is located at 10670 North Central Expressway, Suite 600
Dallas, Texas 75231.
BCM is owned by Realty Advisors, Inc., a Nevada corporation. Realty
Advisors, Inc. is owned by a trust established for the benefit of the children
of Gene E. Phillips. The directors and executive officers of BCM are as
follows:
<TABLE>
<CAPTION>
Name Position(s) with BCM
- ---- --------------------
<S> <C>
Randall M. Paulson President
Thomas A. Holland Executive Vice President and
Chief Financial Officer
Clifford C. Towns, Jr. Executive Vice President - Finance
Karl L. Blaha Executive Vice President -
Commercial Asset Management
</TABLE>
6
<PAGE> 7
<TABLE>
<CAPTION>
Name Position(s) with BCM
- ---- --------------------
<S> <C>
Bruce A. Endendyk Executive Vice President
A. Cal Rossi, Jr. Executive Vice President
Cooper B. Stuart Executive Vice President
Dan S. Allred Senior Vice President -
Land Development
Robert A. Waldman Senior Vice President,
General Counsel and Secretary
Drew D. Potera Vice President, Treasurer
and Securities Manager
Mickey Ned Phillips Director
Ryan T. Phillips Director
</TABLE>
Mr. Paulson's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Paulson's present principal occupation
is President of BCM. Mr. Paulson is a citizen of the United States of America.
Mr. Holland's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Holland's present principal occupation
is Executive Vice President and Chief Financial Officer of BCM. Mr. Holland is
a citizen of the United States of America.
Mr. Towns' business address is 10670 North Central Expressway, Suite
600, Dallas, Texas 75231. Mr. Towns' present principal occupation is
Executive Vice President - Finance of BCM. Mr. Towns is a citizen of the
United States of America.
Mr. Blaha's business address is 10670 North Central Expressway, Suite
600, Dallas, Texas 75231. Mr. Blaha's present principal occupation is
Executive Vice President - Commercial Asset Management of BCM. Mr. Blaha is a
citizen of the United States of America.
Mr. Endendyk's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Endendyk's present principal occupation
is Executive Vice President of BCM. Mr. Endendyk is a citizen of the United
States of America.
Mr. Rossi's business address is 10670 North Central Expressway, Suite
600, Dallas, Texas 75231. Mr. Rossi's present principal occupation is
Executive Vice President of BCM. Mr. Rossi is a citizen of the United States
of America.
Mr. Stuart's business address is 10670 North Central Expressway, Suite
600, Dallas, Texas 75231. Mr. Stuart's present principal occupation is
Executive Vice President of BCM. Mr. Stuart is a citizen of the United States
of America.
7
<PAGE> 8
Mr. Allred's business address is 10670 North Central Expressway, Suite
600, Dallas, Texas 75231. Mr. Allred's present principal occupation is Senior
Vice President - Land Development of BCM. Mr. Allred is a citizen of the
United States of America.
Mr. Waldman's business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Waldman's present principal occupation
is Senior Vice President, General Counsel and Secretary of BCM. Mr. Waldman is
a citizen of the United States of America.
Mr. Potera's business address is 10670 North Central Expressway, Suite
600, Dallas, Texas 75231. Mr. Potera's present principal occupation is Vice
President, Treasurer and Securities Manager of BCM. Mr. Potera is a citizen of
the United States of America.
Mickey Ned Phillips' business address is 264 Rolling Hills Circle,
Gaffney, South Carolina 29340. M. Ned Phillips' present principal occupation
is owner of Phillips Remodeling Co. Mickey Ned Phillips is a citizen of the
United States of America.
Ryan T. Phillips' business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Ryan T. Phillips' present principal
occupation is an independent real estate investor. Ryan T. Phillips is a
citizen of the United States of America.
(II) NOLP is a Delaware limited partnership engaged in the business
of investing in real estate and real estate related assets. The principal place
of business and principal office of NOLP is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231.
NOLP has no officers or directors. The general partner of NOLP is
SAMLP. The general partners of SAMLP are Syntek Asset Management, Inc. and Mr.
Phillips who, through his position as a general partner of SAMLP, is a
controlling person of NOLP.
Gene E. Phillips' business address is 10670 North Central Expressway,
Suite 600, Dallas, Texas 75231. Mr. Phillips' present principal occupation is
Chief Executive Officer of Syntek West, Inc. Mr. Phillips is a citizen of the
United States of America.
(III) CMET is a real estate investment trust organized and existing
under the law of the State of California. CMET's principal business activity
is investments in real estate. As of February 27, 1998, the Company owned
40.6% of CMET's outstanding securities. The principal place of business and
principal office of CMET is located at 10670 North Central Expressway, Suite
600, Dallas, Texas 75231.
8
<PAGE> 9
The following is a list of each executive officer and trustee of CMET:
<TABLE>
<CAPTION>
Name Position(s) with CMET
- ---- ---------------------
<S> <C>
Randall M. Paulson President
Thomas A. Holland Executive Vice President, Chief
Financial Officer and Secretary
Karl L. Blaha Executive Vice President -
Commercial Asset Management
Bruce A. Endendyk Executive Vice President
Robert A. Waldman Senior Vice President
and General Counsel
Drew D. Potera Vice President and Treasurer
Richard W. Douglas Trustee
Larry E. Harley Trustee
R. Douglas Leonhard Trustee
Murray Shaw Trustee
Ted P. Stokely Trustee
Martin L. White Trustee
Edward G. Zampa Trustee
</TABLE>
Information with respect to Messrs. Paulson, Holland, Blaha, Endendyk,
Waldman and Potera is disclosed in (I) above.
Mr. Douglas' business address is 3030 McKinney Avenue, #1201, Dallas,
Texas 75204. Mr. Douglas' present principal occupation is President of Dallas
Chamber of Commerce. Mr. Douglas is a citizen of the United States of America.
Mr. Harley's business address is 8520 Breakers Point, Dallas, Texas
75243. Mr. Harley is retired. Mr. Harley is a citizen of the United States of
America.
Mr. Leonhard's business address is 13230 Hunters Lark, San Antonio,
Texas 78230. Mr. Leonhard is retired. Mr. Leonhard is a citizen of the
United States of America.
9
<PAGE> 10
Mr. Shaw's business address is 5615 Bayton Loop, Austin, Texas 78745.
Mr. Shaw's present principal occupation is Chairman of the Board of Stephen F.
Austin University. Mr. Shaw is a citizen of the United States of America.
Mr. Stokely's business address is 10670 North Central Expressway,
Suite 515, Dallas, Texas 75231. Mr. Stokely's present principal occupation
is General Manager of Minority and Elderly Housing Assistance Foundation, Inc.
Mr. Stokely is a citizen of the United States of America.
Mr. White's business address is 8051 Coach Drive, Oakland, California
94605. Mr. Martin is Chairman and Chief Executive Officer of Community Based
Developers, Inc. Mr. White is a citizen of the United States of America.
Mr. Zampa's business address is Number Fifty Osgood Place, Suite 110,
San Francisco, California 94133. Mr. Zampa is General Partner of Edward G.
Zampa and Company. Mr. Zampa is a citizen of the United States of America.
(IV) The GEP TRUST is a trust formed under the laws of Texas for
the benefit of the children of Mr. Phillips. The trustee of the GEP Trust is
Mr. Phillips' brother, Donald W. Phillips. Information with respect to Mr.
Phillips is disclosed in (II) above.
Donald W. Phillips' business address is 10670 North Central
Expressway, Suite 515, Dallas, Texas 75231. Donald W. Phillips' present
principal occupation is President and owner of Big D Oil Field Equipment Sales.
Donald W. Phillips is a citizen of the United States of America.
During the last five (5) years, (i) none of the persons enumerated in
(I) through (IV) above has been convicted in a criminal proceeding (excluding
traffic violations and similar misdemeanors) and (ii) none of such persons was
a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or prohibiting
or mandating activities subject to, federal or state securities laws or finding
any violation with respect to such laws.
10
<PAGE> 11
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5(a), 5(b) and 5(c) are hereby amended to read as follows:
(a) SHARE OWNERSHIP
The following tables show the Shares owned directly and beneficially
by the persons named in Item 2 hereof on the date of this statement:
Shares Owned Directly
<TABLE>
<CAPTION>
Number of Percent of
Name Shares Class (1)
- ---- --------- -----------
<S> <C> <C> <C>
BCM 5,260,224 49.1%
CMET 818,088 7.6%
NOLP 195,732 1.8%
GEP Trust 98,332 0.9
TOTAL 6,372,376 59.5%
</TABLE>
Shares Owned Beneficially
<TABLE>
<CAPTION>
Number of Percent of
Name Shares Class (1)
- ---- ---------- -----------
<S> <C> <C>
BCM 5,260,224 49.1%
CMET 818,088 7.6%
NOLP 195,732 1.8%
GEP Trust 98,332 0.9%
Ryan T. Phillips (2)(3) 5,358,556 50.0%
M. Ned Phillips (2) 5,260,224 49.1%
Gene E. Phillips (4) 195,732 1.8%
Total shares beneficially
owned by Reporting Persons 6,372,376 59.5%
</TABLE>
- ----------------------------
(1) Percentage calculations are based upon 10,711,921 Shares outstanding
at February 27, 1998. Total and addends may not match due to rounding.
(2) May be deemed to be the beneficial owner of Shares held directly by
BCM by virtue of the relationship to BCM described in Item 2.
(3) May be deemed to be the beneficial owner of Shares held directly by
the GEP Trust by virtue of the relationship to GEP Trust described in Item 2.
(4) May be deemed to be the beneficial owner of Shares held directly by
NOLP by virtue of the relationship to NOLP described in Item 2.
11
<PAGE> 12
(b) VOTING AND DISPOSITIVE POWER
The Trustee of GEP Trust has complete voting and dispositive power
over the 98,332 Shares held by the GEP Trust. Each of the Trustees of CMET
share voting and dispositive power over the 818,088 Shares held by CMET. Each
of the Directors of BCM exercise voting and dispositive power over the
5,260,224 Shares held by BCM.
(c) TRANSACTIONS IN SECURITIES
The following table lists the purchase transactions in the Shares that
were effected by the Reporting Persons during the past sixty days.
<TABLE>
<CAPTION>
Reporting Number of Price Type of
Person Date Shares Per Share Transaction
- --------- ---- --------- --------- -----------
<S> <C> <C> <C> <C>
BCM 01/09/98 2,000 $14.375 Open Market
BCM 01/09/98 600 $14.0625 Open Market
BCM 01/09/98 200 $14.1875 Open Market
BCM 01/09/98 1,800 $14.3125 Open Market
BCM 02/20/98 1,000 $14.375 Open Market
BCM 02/25/98 4,000 $14.625 Open Market
BCM 02/26/98 100 $14.625 Open Market
</TABLE>
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Item 6 is hereby amended to read as follows:
BCM has pledged 97,000 shares to Advest, Inc., pledged 100,000 shares
to American Express Financial, pledged 29,000 shares to BA Investment Services,
pledged 540,084 shares to Bear Stearns, pledged 91,144 shares to Brown &
Company, pledged 38,500 shares to Christensen Burke, pledged 84,000 shares to
CJ Lawrence, pledged 30,100 shares to Cutter & Co., pledged 104,800 shares to
Dean Witter, pledged 20,000 shares to First Southwest Securities, pledged
20,000 shares to First Union Brokerage, pledged 165,000 shares to Fleet
Brokerage Services, pledged 177,000 shares to Foothill Capital, pledged 89,000
shares to Global Strategies, pledged 79,000 shares to Gruntal & Company,
pledged 475,000 shares to Grand Pacific, pledged 96,000 shares to Hambrecht &
Quist, pledged 23,300 shares to J.C. Bradford & Co., pledged 85,800 shares to
Legg Mason (TX), pledged 25,500 shares to May Financial, pledged 116,000 shares
to McDonald & Company, pledged 271,400 shares to Morgan Keegan, pledged 120,000
shares to Norwest Investment Services, pledged 810,000 shares to Preferred
Bank, pledged 341,400 shares to Oppenheimer (NY), pledged 192,000 shares to The
Principal, pledged 344,400 shares to Rauscher Pierce, pledged 76,400 shares to
Raymond James, pledged 89,052 shares to Regions Investment, pledged 74,400
shares to Southland Securities, pledged 465,000 shares to United Pacific,
pledged 94,000 shares to Wachovia, pledged 121,124 shares to Wedbush Morgan and
pledged 76,220 shares to Wheatfirst in stock margin accounts maintained by it
with such brokers.
12
<PAGE> 13
BCM has also pledged 465,000 shares to United Pacific, pledged 177,000
shares to Foothill Capital, pledged 810,000 shares to Preferred Bank and
pledged 475,000 shares to Grand Pacific pursuant to loan agreements with such
lenders.
NOLP has pledged 195,732 shares to Lehman (NY) in a stock margin
account maintained by it with such broker.
CMET has pledged 655,288 shares to Dean Witter and pledged 162,800
shares to JW Charles in stock margin accounts maintained by it with such
brokers.
GEP Trust has pledged 98,332 shares to Dean Witter (NY) in a stock
margin account maintained by it with such broker.
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in the statement is true, complete and
correct.
Dated: March 17, 1998
BASIC CAPITAL MANAGEMENT, INC.
By: /s/ Drew D. Potera
---------------------------------
Drew D. Potera, Vice President
NATIONAL OPERATING, L.P.
By: Syntek Asset Management, L.P.
General Partner
By: Syntek Asset Management, Inc.
Managing General Partner
By: /s/ Randall M. Paulson
----------------------------------
Randall M. Paulson, President
GENE E. PHILLIPS CHILDREN'S TRUST
By: /s/ Donald W. Phillips
-------------------------------
Donald W. Phillips, Trustee
CONTINENTAL MORTGAGE AND EQUITY TRUST
By: /s/ Randall M. Paulson
--------------------------------
Randall M. Paulson, President
13
